Renters insurance is a lifesaver when something goes amiss at home or you need to replace lost or stolen property.
Often overlooked, a renters policy can provide you with a substantial amount of protection at low prices that leave many new policyholders surprised.
One big-name provider whose policy lineup includes renters insurance is Amica Mutual Insurance Company.
In this Amica renters insurance review, we’ll analyze the company’s financial strength as well as the strength of their renters insurance policies to help you decide if Amica could be the provider for you.
Table of Contents:
- About Amica Renters Insurance
- Amica Renters Insurance Coverage
- How Much Does Amica Renters Insurance Cost?
- Pros and Cons
- Is Amica Renters Insurance for You?
About Amica Renters Insurance
Amica Mutual Insurance Company has been around since 1907, when the Rhode Island-based company became the nation’s first mutual insurer of automobiles.
Over the last century, Amica has become one of the most longstanding successful insurance companies in the country, maintaining its mutual ownership structure.
Today, Amica offers renters insurance plus many more lines of insurance, including:
- Condo owners
- Small business
- Wedding & event
Having a long history and a wide range of policies doesn’t automatically equate to a good reputation.
To gauge a company’s financial strength and relationship with policyholders, it’s important to look at their performance, ratings, and reviews.
Amica has an “A+” rating from A.M. Best, signifying superior financial solvency and a high likelihood of keeping up its financial obligations, like paying out claims to policyholders.
The company also has over $5.4 billion of assets, and more than 1.6 million policies in force across its various lines of insurance.
On the customer experience side of the house, Amica has a positive reputation, with the ratings to back it.
The company has been accredited with the Better Business Bureau since 1957 and currently holds an “A+” BBB rating based on its transparent business practices, communication with clients, and handling of complaints.
It also gets consistently high customer approval ratings from J.D. Power.
Based on all of the information above, Amica is a well-versed insurance provider you can rely on to protect your home, property, and yourself with renters insurance.
Amica Renters Insurance Coverage
Amica’s renters insurance policies are flexible, allowing you to easily adapt coverage to your unique needs and your wallet.
Here’s a closer look at what types of coverage you get from Amica.
Amica’s basic policy is called Standard Renters Insurance Coverage. It includes:
- Personal property coverage: Helps to replace your belongings if they are damaged, destroyed, or stolen, whether you’re at home or traveling. It includes items like furniture, electronics, clothes, and even stolen credit cards.
- Personal liability insurance: If something goes amiss and someone gets hurt, or their personal property is damaged while they’re at your home, this coverage can kick in for their medical costs, damages, and your legal fees.
- Loss of use insurance: If your home is damaged so badly by a covered cause that you can’t live in it, this insurance will pay to house you elsewhere and contribute to storage for your belongings, as well as your cost of living.
Additional Renters Insurance Coverage
If you’d like to purchase more coverage, you can add the following forms of protection with Additional Renters Insurance Coverage from Amica:
- Computer and smart devices: This additional level of coverage insures items like your laptop, smartphone, and tablet.
- Identity fraud protection: This coverage reimburses you for purchases made in your name by identity thieves, up to your maximum amount of coverage.
- Personal property replacement: Repairs or replaces covered property fully, regardless of depreciation, up to your max coverage amount.
- Scheduled personal property: Adds to the maximum coverage amount for individual items like engagement rings, works of art, furs, and more.
How Much Does Amica Renters Insurance Cost?
What you pay for coverage might look different than what your cousin a few states away does. That’s because renters insurance rates vary based on factors like:
- Your location
- Residence size and security features
- Your credit score
- Amount of coverage
- Level of deductible
With that in mind, Amica states that you can get rates as low as $4 a week.
Sample quote for Amica’s basic Renters Essentials plan:
An applicant in South Carolina would pay around $17 a month for the coverage below:
- Personal property protection: $10,000
- Loss of use: $3,000
- Deductible level: $500
- Liability coverage: $300,000
- Medical payments: $2,000
- Identity fraud expense
With the Renters Essentials coverage above, you can also get a $100 annual credit towards the future purchase of a home.
Tweaking these coverage amounts and the deductible would change the cost of the policy.
This sample rate can give you an idea of what to expect, but your actual cost of coverage might look different.
You can save on renters insurance from Amica with the following discounts:
- Auto-pay: Applied when you sign up for automatic payments
- Claims-free discount: Applied when you go 3 years without filing a claim
- E-discount: Applied when you opt into paperless billing and account management
- Loyalty discount: Applied after 2 years as an Amica policyholder
- Multi-policy discount: Up to 15% applied when you bundle renters with auto insurance
You may also potentially save money on premiums if you live close to a fire department and have security features installed in your home.
Pros and Cons
Now that you’re familiar with Amica’s brand and its renters insurance coverage, let’s consider the advantages and drawbacks of buying a policy from the company.
- 24/7 claims: You can file a claim any time, any place with 24/7 access to Amica’s online claims center, meaning minimal delays.
- Reputation: Amica has been in business for a century, with stellar ratings from customers and credit rating agencies alike.
- Discounts: Amica offers a long lineup of discounts, which are especially beneficial for its loyal policyholders.
- Flexible Coverage: You can adapt everything from your coverage levels to deductibles and some included expenses to get just the policy you’re looking for.
- Online Quotes: Getting online quotes is easier with Amica than it is with most insurers. With a few simple questions and answers, you can see an estimated cost of coverage on-screen.
- Average Coverages: While Amica’s policies are remarkably flexible, they aren’t very unique. You won’t find much beyond the standard level of coverage offered by most providers here.
- No Online Purchases: To actually buy a renters insurance policy, you’ll have to reach out to one of Amica’s agents, a drawback for some.
Alternatives to Amica Renters Insurance
You should always shop around before picking an insurance company.
Even though a company might seem like the perfect fit at first glance, there could be another provider out there with lower rates or more substantial coverage to offer.
Your best bet is to compare multiple renters insurance carriers, starting with the companies below:
- The Hanover
Is Amica Renters Insurance for You?
Amica could be the right provider for you if you’re looking for standard renters insurance from a trustworthy major provider.
It’s also a great fit if you’re looking to save money by bundling policies.
If you want flexible coverage you can tweak to adhere to your budget and coverage needs, with additional protection for valuables, Amica could be a particularly rewarding choice, too.
To be sure it’s the right pick, take a few minutes to get renters insurance quotes today.
Amica Renters Insurance
- A.M. Best: A+
- BBB: A+